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Shapoorji Pallonji Group Fined Rs 7 lakh For Violating Disclosure Guidelines

Sebi has imposed a penalty of Rs 7 lakh on Shapoorji Pallonji and Firm (File)

New Delhi:

Capital markets regulator Sebi has imposed a penalty of Rs 7 lakh on Shapoorji Pallonji and Firm for violating disclosure norms.

In its order, Sebi discovered that Shapoorji Pallonji and Firm didn’t take prior approval from the inventory change for changing non-convertible debentures (NCDs) right into a time period mortgage approach again in March 2021.

Additionally, it didn’t submit auditor’s certificates on utilization of funds, half yearly certificates on upkeep of asset cowl and annual report back to the debenture trustee, the Securities and Change Board of India (Sebi) stated in its 64-page order handed on Thursday.

Moreover, the corporate had not up to date sure data on its web site as required underneath the Itemizing Obligations and Disclosure Necessities (LODR) Laws.

These particulars are pertaining to note of assembly of the board of administrators the place monetary outcomes can be mentioned; monetary outcomes; full copy of the annual report after FY 2019-20; data, report, notices, name letters, circulars, proceedings, regarding NCRPS or NCDs; and all data and experiences together with compliance experiences filed by the listed entity.

By not making such disclosures, the corporate violated the provisions of LODR guidelines and accordingly, Sebi imposed a “penalty of Rs 7 lakh on the noticee viz. Shapoorji Pallonji and Firm Pvt. Ltd”.

The regulator obtained a letter from Shapoorji Pallonji and Firm in July 2021 informing Sebi that it had transformed its listed NCDs to time period mortgage on March 31, 2021 in accordance with a One Time Decision (OTR) plan executed between the corporate and its lenders.

Following this, an examination was carried out by Sebi in an effort to study the compliance standing of LODR guidelines by the corporate. 

(Aside from the headline, this story has not been edited by NDTV workers and is printed from a syndicated feed.)

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